I had the opportunity of seeing the original version of this movie when I was in third grade. Believe it or not, this was the first movie that I ever saw Jodie Foster in--not "Taxi Driver" (considering that I was 9, that was probably a good thing).
This was not a bad movie, and it wasn't intended to be identical to the original, but the peripheral characters in this version fell flat. Sandra Bernhard was stifled--not very funny at all, just kind of stuffy and bitchy. And I was expecting a spunky "tomboy" Annabelle like Jodie Foster's, not the subdued, frustrated suburban teenager that Gaby Hoffman played (although that's actually closer to Mary Rodgers' novel). And NOBODY could play Mrs. Andrews like Barbara Harris. The sight of her waterskiing in a velvet evening dress with her false eyelashes coming off was just too priceless!
One thing I DID like about this version, though: the red convertible VW bug that Shelley Long drives is identical to the one that Barbara Harris drove in the original! I was so afraid we'd be seeing a BMW or some other yuppie wussy-wagon. Thank God for SOME tradition!
In short, don't watch the original version before you see this one. Let this one stand on its own first. It isn't made to be compared, but it's inevitable that you will compare it.